Yahoo CEO Steps Down After Degree Scandal
May 14, 2012 9:44 AM
Former Yahoo CEO Scott Thompson
Ross Levinsohn, Yahoo's head of global media, has been named interim CEO
Yahoo Chief Executive Officer
has stepped down from his position after giving false information regarding his credentials earlier this year.
Thompson, who was previously the president of eBay's online payment system PayPal, took the position of Yahoo CEO in January in an effort to help the struggling search company compete against the likes of Google. However, Thompson's leadership took a tumble when it was discovered that he had lied about his degree.
Thompson said he earned a bachelor's degree in computer science from Stonehill College. However, an eBay executive that worked with Thompson prior to his Yahoo CEO position said that Thompson only had a degree in accounting.
As it turns out, the accounting degree was the correct version of the story, and it was listed in eBay's regulatory filings. But in Yahoo's April 27 10-K filing, the computer science degree made an appearance instead.
The scandal placed bad light on Thompson, and now, he has officially stepped down from his position as Yahoo CEO. Ross Levinsohn, Yahoo's head of global media, has been named interim CEO.
Yahoo also decided to do some spring cleaning when it came to its board of directors. Fred Amoroso was named Chairman of the Board of Directors, replacing Roy Bostock, who stepped down from his role as Non-Executive Chairman. Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson have all stepped down from the board as well.
In addition to
a shake-up in upper management
, Yahoo closed a deal with Third Point LLC to end a proxy fight. Third Point, which owns about 5.8 percent of Yahoo, was able to send three of its nominees to Yahoo's Board under the new agreement. The nominees include Daniel Loeb, Harry Wilson and Michael Wolf, and they will join the board May 16, 2012.
"The Board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders and further accelerate the substantial advances the Company has made operationally and organizationally since last August," said Amoroso. "The Board believes in the strength of the Company's business and assets, and in the opportunities before us, and I am honored to work closely with my fellow directors and Ross to continue to drive Yahoo! forward. On behalf of the entire Board, I would also like to thank Patti, VJ, Arthur, Gary and, in particular, Roy, for their dedicated long-term service and contributions to the Board and Yahoo!"
This is Yahoo's third CEO in just three years. In September 2011, former Yahoo CEO
Carol Bartz was fired
over the phone after making many enemies in the industry. However, she got over it when she
made millions of dollars
"We can't expect users to use common sense. That would eliminate the need for all sorts of legislation, committees, oversight and lawyers." -- Christopher Jennings
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